Homework Answers
| Predetermined overhead rate : manuf. Overhead of Jan of Job 205 / DL cost of Jan of Job 205 | ||||||
| 20800 / 13000 = $1.60 per $1 of DL Costs | ||||||
| WIP at the end of January & February: | ||||||
| Job # | 205 | 206 | 207 | Total | ||
| January costs incurred: | ||||||
| DM | 16500 | 9300 | 25800 | |||
| DL | 13000 | 7000 | 20000 | |||
| Manuf OH | 20800 | 11200 | 32000 | |||
| Total Jan. costs | 50300 | 27500 | 0 | 77800 | ||
| February costs incurred: | ||||||
| DM | 0 | 8200 | 21300 | 29500 | ||
| DL | 4000 | 6000 | 10000 | 20000 | ||
| Manuf OH | 6400 | 9600 | 16000 | 32000 | ||
| Total Feb. Costs | 10400 | 23800 | 47300 | 81500 | ||
| Total Two mth Costs | 60700 | 51300 | 47300 | 159300 | ||
| Status | Completed | WIP | WIP | |||
| Req a) T-Accounts: | ||||||
| DEBIT | AMOUNT $ | CREDIT | AMOUNT $ | |||
| Raw Materials Inventory a/c | ||||||
| OB | 40000 | WIP Inv | 29500 | |||
| CB | 10500 | |||||
| WIP Inventory a/c | ||||||
| OB | 77800 | FG Inventory | 60700 | |||
| Raw Material | 29500 | CB | 98600 | |||
| DL | 20000 | |||||
| Manuf OH | 32000 | |||||
| FG Inventory a/c | ||||||
| OB | 0 | CB | 60700 | |||
| WIP Inventory | 60700 | |||||
| Manufacturing Overhead Control a/c | ||||||
| Ind Mat | 4000 | WIP Inventory | 32000 | |||
| Ind Lab | 8000 | |||||
| other exp. | 19000 | |||||
| CB | 1000 | |||||
| Req b) Journal entries for February: | ||||||
| Date | Account Titles | Ref. | Debit | Credit | ||
| 1 | WIP Inventory | 29500 | ||||
| Manuf. Overhead | 4000 | |||||
| Raw Material Inventory | 33500 | |||||
| (raw material applied to production & overhead) | ||||||
| 2 | WIP Inventory | 20000 | ||||
| Manuf. Overhead | 8000 | |||||
| Payroll Exp. | 28000 | |||||
| (Labor applied to production & overhead) | ||||||
| 3 | Manuf. Overhead | 19000 | ||||
| Accounts payable | 19000 | |||||
| (actual overhead costs incurred on credit) | ||||||
| Req c) | ||||||
| WIP Inventory | 32000 | |||||
| Manuf. Overhead | 32000 | |||||
| (overhead applied to production @ Pre-det. Rate of $1.6/$1) | ||||||
| Req d) | ||||||
| FG Inventory | 60700 | |||||
| WIP Inventory | 60700 | |||||
| (FG transferred on completion of Job 205) | ||||||
| Req e) | ||||||
| WIP at the end February: | ||||||
| Job # | 205 | 206 | 207 | Total | ||
| Begin WIP | 50300 | 27500 | 0 | 77800 | ||
| DM | 0 | 8200 | 21300 | 29500 | ||
| DL | 4000 | 6000 | 10000 | 20000 | ||
| Manuf OH | 6400 | 9600 | 16000 | 32000 | ||
| Total Costs | 60700 | 51300 | 47300 | 159300 | ||
| Status | Completed | WIP | WIP | |||
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ACC378 Cost Accounting Assignment CH5 Perry Company employs a job-order costing system. Only three jobs-Job #205,...
ACC378 Cost Accounting Assignment CHS Perry Company employs a job-order costing system. Only three jobs Job...
ACC378 Cost Accounting Assignment CHS Perry Company employs a job-order costing system. Only three jobs Job 205. Job W206, and Job #207- were worked on during January and February. Job #205 was completed February 10: the other two jobs were still in production on February 28, the end of the company's operating year. Job cost sheets on the three jobs follow Job #205 Job Cost Sheet Job #206 Job #207 Totals $ - January costs incurred: Direct material Direct labor...
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Lott company uses a
Problem 2-1A (Video) Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $22,000, direct labor $13,200, and manufacturing overhead $17,600. As of January 1, Job 49 had been completed at a cost of $99,000 and was part of...
Lott Company uses a job order cost system and applies overhead to production on the basis...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $24.800, direct labor $14,880, and manufacturing overhead $19.840. As of January 1. Job 49 had been completed at a cost of $111.600 and was part of finished goods inventory. There was a $18,600...
Lott Company uses a job order cost system and applies overhead to production on the basis...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
* Problem 2-1 (Video) Lott Company uses a job order cost system and applies overhead to...
* Problem 2-1 (Video) Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $21,000, direct labor $12,600, and manufacturing overhead $16,800. As of January 1, Job 49 had been completed at a cost of $94,500 and was part of finished goods inventory....
Lott Company uses a job order cost system and applies overhead to production on the basis...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $21,800, direct labor $13,080, and manufacturing overhead $17,440. As of January 1, Job 49 had been completed at a cost of $98,100 and was part of finished goods inventory. There was a $16,350...
Lott Company uses a job order cost system and applies overhead to production on the basis...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
Problem 15-01A Lott Company uses a job order cost system and applies overhead to production on...
Problem 15-01A Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $25,000, direct labor $15,000, and manufacturing overhead $20,000. As of January 1, Job 49 had been completed at a cost of $112,500 and was part of finished goods inventory. There was...
Lott Company uses a job order cost system and applies overhead to production on the basis...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2017, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,200, direct labor $13,920, and manufacturing overhead S18,560. As of January 1, Job No. 49 had been completed at a cost of S104,400 and was part of finished goods inventory. There was...
I need help! The red ones are incorrect. Lott Company uses a job order cost system...
I need help! The red ones are incorrect.
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2017, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,200, direct labor $13,920, and manufacturing overhead $18,560. As of January 1, Job No. 49 had been completed at a cost of $104,400 and...
ACC378 Cost Accounting Assignment CHS Perry Company employs a job-order costing system. Only three jobs Job 205. Job W206, and Job #207- were worked on during January and February. Job #205 was completed February 10: the other two jobs were still in production on February 28, the end of the company's operating year. Job cost sheets on the three jobs follow Job #205 Job Cost Sheet Job #206 Job #207 Totals $ - January costs incurred: Direct material Direct labor...
Lott company uses a
Problem 2-1A (Video) Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $22,000, direct labor $13,200, and manufacturing overhead $17,600. As of January 1, Job 49 had been completed at a cost of $99,000 and was part of...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $24.800, direct labor $14,880, and manufacturing overhead $19.840. As of January 1. Job 49 had been completed at a cost of $111.600 and was part of finished goods inventory. There was a $18,600...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
* Problem 2-1 (Video) Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $21,000, direct labor $12,600, and manufacturing overhead $16,800. As of January 1, Job 49 had been completed at a cost of $94,500 and was part of finished goods inventory....
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,400, direct labor $14,040, and manufacturing overhead $18,720. As of January 1, Job 49 had been completed at a cost of $105,300 and was part of finished goods inventory. There was a $17,550...
Problem 15-01A Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2020, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $25,000, direct labor $15,000, and manufacturing overhead $20,000. As of January 1, Job 49 had been completed at a cost of $112,500 and was part of finished goods inventory. There was...
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2017, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,200, direct labor $13,920, and manufacturing overhead S18,560. As of January 1, Job No. 49 had been completed at a cost of S104,400 and was part of finished goods inventory. There was...
I need help! The red ones are incorrect.
Lott Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2017, Job No. 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $23,200, direct labor $13,920, and manufacturing overhead $18,560. As of January 1, Job No. 49 had been completed at a cost of $104,400 and...
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